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Kerala bank lays out plan for substantial growth

IANS  |  Thrissur (Kerala) 

Coinciding with its first anniversary, ESAF has laid out a growth plan that aims to establish a network of 700 branches and total business of Rs 70,000 crore, a official said on Thursday.

In 2015, the of had granted in-principle licences to 10 Non-Banking Financial Companies to set up Small Finance Banks in the country.

ESAF was the only one in in the private sector post-independence. It opened for business on March 17 last year.

"Though we originally planned to set up 145 branches, we could set up only 100 across in the first year. In two months, we will set up 45 more branches. In terms of business, we have exceeded our target of Rs 1,800 crore and close with a figure of Rs 2,500 crore by month-end. Five years from now, we aim to reach 700-branch target and expect total business of around Rs 70,000 crore," said MD and

Thomas said his wasn't affected by the demonetisation announced by on November 8, 2016.

As for nine other NBFCs granted licences to operate, he said they are largely based in and have been able to do better in terms of deposits.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 17:34 IST